Central bank set the price of Yemeni riyal at 450: The governor: improvement resulted from reforms

Central bank set the price of Yemeni riyal at 450: The governor: improvement resulted from reforms


The central bank of Yemen has set the local currency rate at 450 Yr per dollar and 120 for Saudi riyal.

The governor of Yemeni central bank said in a statement to Saba News agency "This improvement resulted from  monetary reforms, including the management of the monetary block in a correct economic way, adding the activation of the local public debt tools in the first issue of 100 billion riyals, and halting the exchange in the open to cover The Government's budget deficit, raising interest rates to 28%, created a reserve of local currencies in the amount of 500 billion riyals.

He confirmed the regularity of the coverage of essential items from the Saudi depository, and the continued flow of oil derivatives from the Saudi grant to most of the republic's governorates.

He pointed to the initiation of banking arrangements with the United Nations organizations to supply their assistance through the Central Bank and other countries and organizations.

He also noted the bank's adoption of a number of measures to activate the cash operation, especially after the bank's receipt of the” two billion dollars “Saudi deposit and the $200 million Saudi grant and the donation of electricity fuel by about $60 million, which has had the greatest impact in improving the economy, In particular, a $2 million deposit that has enabled the bank to activate and use legal monetary instruments, including to intervene in the financing of certain commodities in accordance with the terms and conditions of the deposit document.

He renewed his call to all concerned and responsible parties to cooperate and work in a team spirit to continue the efforts aimed at confronting all the economic challenges and contribute to the recovery of the local currency, which is one of the most important issues affecting the interests of all the people of Yemen.

The governor also warned of the incorrect news and also the reverse speculation. As announced, the bank has taken appropriate measures to facilitate the importation of essential materials, with a shortfall of 5-10 degrees of average prices. Confirming that these prices will be fixed until the end of the year.

The Yemeni riyal has seen a significant improvement in foreign exchange over the past three days as the exchange rate improved from (600) riyals against the $1 to less than (400) riyals in the Exchange shops, witnesses confirmed today to the editor of the Al-Masdar online in Sanaa.

The last price set by the central bank against the dollar is (520) riyals early this month, and the new price comes with a difference (70) riyals improvement in favor of the local currency.


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